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Buzzing Stocks: ICICI Bank, Hindustan Aeronautics, ABFRL, RVNL, Ashok Leyland and others in news.
ICICI Bank: The country's second-largest private sector lender has received approval from the Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions. The bank has proposed to delist equity shares of ICICI Securities pursuant to a scheme of arrangement.
Hindustan Aeronautics: The state-owned defence company and Airbus have signed a contract for establishing MRO (maintenance repair and overhaul) facilities for the A-320 family of aircraft in Nashik, Maharashtra. Airbus will supply the A320 family tool package and offer specialised consulting services to HAL to establish an MRO facility for the A320 family of aircraft.
Rail Vikas Nigam: The state-owned railway company has reported consolidated profit at Rs 394.5 crore for the July–September period of FY24, rising 3.5 percent over a year-ago period on tepid topline growth and weak operating numbers. Consolidated revenue from operations increased by 0.1 percent to Rs 4,914.3 crore in Q2 FY24.
Aditya Birla Fashion & Retail: The company has posted a consolidated net loss of Rs 200.3 crore for the quarter ended September FY24, against a profit of Rs 29.4 crore in the same period last fiscal year, despite a higher topline impacted by weak operating numbers. Consolidated revenue from operations increased by 4.9 percent YoY to Rs 3,226 crore in Q2 FY24.
Ashok Leyland: The country's second-largest commercial vehicle maker has received approval from the board members for an investment of Rs 1,200 crore in Switch Mobility through its holding company, Optare PLC UK. The funds infused will be used for capital expenditure, R&D, and meeting operational requirements both in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.
Piramal Enterprises: The non-banking finance company reported profit of Rs 48 crore for the quarter ended September FY24, against a loss of Rs 1,536 crore in the year-ago period, as loan loss provisions and fair value loss dropped significantly to Rs 198 crore from Rs 3,257 crore during the same period. Net interest income fell 9 percent year over year to Rs 750 crore for the quarter.
Torrent Power: The power utility company has recorded a 9.2 percent on-year increase in consolidated profit at Rs 526 crore for the July–September period of FY24, partly driven by lower tax costs and a higher operating margin. Revenue from operations grew by nearly 4 percent YoY to Rs 6,961 crore, with an increase in contribution from merchant power sales in gas-based power plants, licenced distribution businesses, and renewable businesses due to capacity addition and higher wind PLF.
Muthoot Finance: The gold loan financing company has recorded standalone profit of Rs 991 crore for the July–September period of FY24, growing 14.3 percent over the corresponding period last fiscal. Net interest income for the quarter stood at Rs 1,858.4 crore, increasing 18.2 percent over a year-ago period.
AstraZeneca Pharma: The pharma company has registered a massive 60.8 percent on-year growth in profit at Rs 52.4 crore for the quarter ended September FY24, driven by exceptional gains and a higher topline. Revenue from operations increased by 31.7 percent to Rs 311 crore compared to the corresponding period last fiscal.
G R Infraprojects: The company has emerged as the lowest bidder (L-1) for the tender invited by RITES on behalf of Shri Mata Vaishno Devi Shrine Board, Katra (J&K) for the design, engineering, construction, development, finance, operation, and maintenance of the passenger ropeway between Tarakote and Sanjichhat on a BOOT basis. The project cost is Rs 200 crore.
Aurobindo Pharma: The pharma firm has recorded a massive 85 percent year-on-year growth in consolidated profit at Rs 757.2 crore for the July–September period of FY24, driven by robust operating numbers and topline. Revenue from operations grew by 25.8 percent YoY to Rs 7,219.4 crore, with US formulations (excluding Puerto Rico) rising 35.7 percent, European formulations up 16.7 percent, and growth markets revenue up 24.7 percent.
Genus Power Infrastructures: The smart metering solutions company has registered a robust 653.6 percent on-year growth in consolidated profit at Rs 49.2 crore for the quarter ended September FY24, driven by strong operating numbers and higher other income. Revenue from operations increased by 18.4 percent YoY to Rs 259 crore in Q2 FY24.
NBCC (India): The state-run construction company has registered a 16.6 percent on-year decline in net profit at Rs 79.6 crore for the quarter ended September FY24, despite higher other income and decent operating margin growth, impacted by an exceptional loss. Revenue from operations grew by 1.2 percent year-on-year to Rs 2,053.3 crore during the quarter.
Aegis Logistics: Smallcap World Fund Inc. has sold 18.26 lakh equity shares, or half a percent stake, in the company via open market transactions at an average price of Rs 294 per share. Its shareholding in the company was 2.18 percent, or 76.36 lakh shares, as of September 2023.
NCC: The construction company has recorded a massive 37.1 percent on-year fall in consolidated net profit at Rs 86.5 crore for the July–September period of FY24, impacted by weak operating numbers following a sharp rise in the cost of materials and subcontractor work bills. Revenue from operations increased sharply by 40 percent YoY to Rs 4,719.6 crore during the quarter.
Campus Activewear: The footwear manufacturing company has reported a significant fall in net profit at Rs 0.32 crore for the July–September period of FY24, declining 97.8 percent compared to the year-ago period, impacted by lower topline and weak operating numbers. Revenue from operations plunged 22.4 percent YoY to Rs 258.66 crore during the quarter.
BEML: The public sector enterprise has registered a 218.5 percent year-on-year jump in consolidated profit at Rs 51.8 crore for the September FY24 quarter, supported by topline as well as healthy operating numbers post-fall in cost of materials. Revenue from operations rose by 13.9 percent YoY to Rs 916.8 crore during the quarter.
Glaxosmithkline Pharmaceuticals: The healthcare company has recorded consolidated profit of Rs 217.5 crore for the quarter ended September FY24, rising 12.5 percent year-on-year driven by better operating numbers. Revenue from operations for the quarter at Rs 957 crore increased by 4.4 percent over the corresponding period last fiscal.
Micropro Software Solutions: The IT services company will list its equity shares on the NSE Emerge on November 10. The issue price is Rs. 81 per share. Its equity shares will be available for trading in the trade-for-trade segment.
ESAF Small Finance Bank: The small finance bank will list shares on the bourses on November 10. The final issue price has been fixed at Rs. 60 per share. The date of the allotment of shares was November 9.
Zed Entertainment Enterprises: The media and entertainment company recorded consolidated profit of Rs 123 crore for the quarter ended September FY24, rising 9 percent despite strong topline growth impacted by a weak operating margin. Consolidated revenue from operations grew by 20.5 percent to Rs 2,437.8 crore compared to the year-ago period, driven by subscriptions and other sales and services. EBITDA rose 5.6 percent YoY to Rs 332.8 crore, but the margin was down 200 basis points YoY at 13.6 percent in Q2 FY24.
